Isabella Casillas Guzman, Administrator of the U.S. Small Business Administration (SBA), announced on Friday the establishment of two new federal advisory committees and solicitation of nominations for both.
The two are the Invention, Innovation, and Entrepreneurship Advisory Committee (IIEAC) and the Investment Capital Advisory Committee (ICAC). Both are designed to accelerate support for start-ups driving critical innovation across the U.S. and increase small businesses’ access to patient capital.
“The Biden-Harris Administration recognizes that innovation and entrepreneurship are big driving forces of America’s historic economic boom and will play key roles in our nation’s transition to stable and steady economic growth and prosperity,” said Administrator Guzman. “These new advisory committees will help us gain valuable insights into not only how the SBA can improve programs and policies to strengthen the innovation ecosystem across the nation, but also how the agency can better serve our customers while accelerating the flow of patient private and public capital to innovative startups and small businesses.”
According to the announcement, the advisory committees will consist of members with a diverse set of perspectives, experiences, and occupational backgrounds to provide advice and recommendations to the SBA on policy and programs. The IIEAC will focus on innovation commercialization, lab-to-market translation, and constructing a more equitable, inclusive federal innovation ecosystem. The ICAC will be geared toward developing a more inclusive investment ecosystem for small businesses and domestic private funds committing capital to small businesses with an emphasis on access to patient investment capital and affordable private long-term loans.
“One of the SBA’s top priorities is to provide American main street small businesses and innovative start-ups with access to critical patient capital and R&D funds to advance innovation and support the small businesses located across communities in every corner of our country,” said Bailey DeVries, Associate Administrator, SBA Office of Investment and Innovation. She cited both the Small Business Innovation Research (SBIR) program and the Small Business Investment Company (SBIC) program as key components of the SBA support.
“The new federal advisory committees will foster dialogue and identification of opportunities to accelerate and diversify SBA’s support for innovative startups and small businesses,” DeVries added. “The federal innovation ecosystem is what provides resources to innovators with the big ideas of today that will become the cutting-edge businesses of tomorrow.”
SBA is seeking nominations from members of the public for both advisory committees.
- The requirements for nominations to the IIEAC include: (1) former or current small business owner; (2) community leader; (3) official from a small business trade association or academic institution; or (4) member of the innovation community.
- The requirements for nominations to the ICAC include the first two plus: (1) official from a trade association or investment institution; and (2) member of the investment community.
Nominees should send a letter of self-nomination or a letter of nomination from a peer, professional organization, society, or member of Congress. The letter should highlight accomplishments and experience working with small businesses in relevant subject matter areas relating to innovation and investment. Along with the Nominee Information Form and resume, nominees should include the following: (1) full name of nominee; (2) occupation; (3) physical address; (4) telephone number; and (5) email address.